Abstract

In this paper I have compared international standards on accounting for the public sector and those required by national norms on public institutions' own capitals, pointing out both convergences and divergences. Last, but not the least, I have compared IPSAS 1 (applied by public institutions) with IAS 1 (applied by commercial companies).

Ionescu, L., 2005, „The Reform of the Public Budget and the Accounting Sector in Romania”, Economic Printing House, pages 112-135;

Ministry of Public Finance, 2002, Law no. 500/2002 on public finance, published in the Official Gazette no. 597/13.08.2002;

Ministry of Public Finance, 2005, Order of the Ministry of Public Finance no. 1.917/2005 for the approval of the Methodological Norms on the organization and management of public institutions' accounting and instructions for its implementation, published in the Official Gazette no. 1.186 bis/29.12.2005;

International Financial Reporting Standards (IFRSs) including International Accounting Standards (IASs) and their Interpretations on 1 January 2007, CECCAR Printing House, Bucharest, 2006.